Accel Entertainment has announced a major strategic acquisition, the planned purchase of the FanDuel Sportsbook and Horse Racing venue in Collinsville, Illinois for approximately 35 million dollars in stock. The acquisition will include both Fairmount Holdings Inc. and its subsidiary, Fairmount Park Inc., which currently hosts the only active horse racing venue in the greater St. Louis area.
Once approved by the Illinois Racing Board, the transaction, valued at 3.45 million shares of Accel stock, will mark a significant expansion for Accel Entertainment, which is primarily known for operating gaming terminals in non-casino venues such as bars and restaurants. The company owns and operates around 25,000 electronic gaming machines across seven states, servicing four thousand retail sites.
Accel’s acquisition plan includes a substantial investment of between $85 to $95 million to develop both a temporary and a permanent casino at the Collinsville site, according to Fox2. The temporary facility, expected to open by mid-2025, will feature 200 slot machines and four to six gaming tables. The more ambitious permanent casino, targeted for a mid-to-late 2027 opening, will boast 500 slot machines, 24 tables, and a sportsbook.
This deal is anticipated to close in the fourth quarter of 2024, pending approvals from the Illinois Racing Board and Illinois Gaming Board. It represents not just a growth opportunity for Accel but also a significant enhancement to the local gaming market, potentially driving economic development in southern Illinois and the greater St. Louis area.
“I am delighted by Accel Entertainment’s purchase of FanDuel Sportsbook & Horse Racing. This move is a testament to the vitality and potential of Collinsville. It will undoubtedly spur economic development along the Collinsville road corridor, creating jobs and bolstering our local economy. We look forward to the positive impact this acquisition will have on our city,” stated Mayor Jeff Stehman of Collinsville, according to a press release published by Accel Entertainment.
Continued Tradition
Accel’s plans for the Collinsville track, rebranded as FanDuel Sportsbook & Horse Racing in 2020, include continuing the tradition of horse racing that dates back to 1925 alongside the new gaming facilities. The company’s commitment to the area extends beyond the track and casino developments, as indicated by their engagement with local and state officials to ensure community benefits and support for the Illinois agriculture and equine industries.
The acquisition aligns with Accel’s strategic goals to extend its footprint in the local gaming market and leverage its expertise in route-based operations. Accel’s co-founder, president, CEO, and board director, Andrew Rubenstein, expressed enthusiasm about partnering with local stakeholders to reinvest in the community and support job creation. “As a leading distributed gaming operator in the United States, we are excited to partner with ‘Hall of Fame’ value creators Bill Stiritz and Rob Vitale to deploy our local gaming expertise in this promising sportsbook, racetrack and future casino,” said Rubenstein.
This transaction underscores the evolving landscape of the gaming industry in Illinois, which has seen various shifts and developments, particularly following the state legislature’s authorization of gaming expansion in 2019. With the planned casino and ongoing horse racing operations, Accel aims to create a vibrant entertainment hub that will serve as a cornerstone in local gaming and attract visitors from across the region.
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